Pfizer reports strong Q2 results, with revenue of $15.03 billion and adjusted EPS of 77 cents, both beating estimates. The performance was driven by a 19% sales jump in its blood thinner Eliquis to $2.43 billion, offsetting declining Covid product sales. The company raised the low end of its full-year revenue guidance and announced new cost-cutting initiatives targeting billions in savings.
Second-quarter financial results
- ▪Pfizer's Q2 revenue of $15.03 billion surpassed Wall Street expectations of $14.41 billion
- ▪Pfizer reported second-quarter revenue of $15.03 billion, a 3% increase from the same period a year ago
- ▪The company's adjusted earnings per share for the second quarter were 77 cents, beating the expected 68 cents
- ▪Pfizer reported a net loss of $248 million, or 4 cents per share, for the second quarter of 2026
- ▪In the second quarter of 2025, Pfizer had a net income of $2.91 billion, or 51 cents per share
Revenue outlook adjustment
- ▪Pfizer increased the low end of its full-year revenue guidance to a range of $60.5 billion to $62.5 billion
- ▪Pfizer maintained its full-year adjusted profit outlook of between $2.80 and $3 per share
- ▪Pfizer lowered its full-year revenue expectation for its Covid products to $4 billion, down from a previous estimate of around $5 billion
- ▪The company's previous full-year revenue outlook was $59.5 billion to $62.5 billion
Eliquis sales performance
- ▪Sales of Pfizer's blood thinner Eliquis grew 19% to $2.43 billion in the second quarter
- ▪Increased sales of key products like Eliquis and the cancer drug Padcev helped counteract struggles in Pfizer's Covid business
- ▪Eliquis's Q2 sales of $2.43 billion exceeded analyst expectations of $2.08 billion
Cost-cutting initiatives
- ▪A separate program will achieve a previously announced $5.7 billion in cost savings by the end of the year
- ▪The first part of that cost-cutting effort is on track to deliver $1.5 billion in savings by the end of 2027
- ▪Pfizer announced the second phase of a multi-year initiative targeting around $1.5 billion in savings through 2029
- ▪Pfizer announced an additional $1 billion in savings from a separate cost-cutting program, to be achieved from 2027 to 2029
Future pipeline investments
- ▪Pfizer is pursuing longer-term investments to counter waning sales of Covid products and declines from older drugs
- ▪The company recently acquired obesity biotech firm Metsera for $10 billion
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